Oil prices dip on profit taking after last week's rally

Oil prices dip on profit taking after last week's rally
  • Clock-gray 19:31
  • calendar-gray 26 March 2018

Crude oil futures slipped on Monday as investors cashed in some profits from last week’s rally but concerns about Saudi-Iran tensions kept losses in check, APA reports quoting Reuters.

 

Brent crude futures LCOc1 were down 35 cents at $70.10 a barrel by 1:05 p.m. EDT. U.S. West Texas Intermediate (WTI) crude futures CLc1 lost 47 cents to $65.41.

 

Last week, Brent gained 6.4 percent and WTI rose 5.7 percent, the strongest weekly gains since July.

 

“I don’t see anything extraordinarily bearish in the market today. I think some folks here are just ... happy to take profits,” said Bob Yawger, director of energy futures at Mizuho in New York.

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